Everyday.com.kh
Translated from Khmer by Socheata
Seung Bunna, chairman of the Cambodian association of real estate valuators, warned that by the end of this year, foreclosures and auction sales could take place for a number of communities and row house developments under construction because of the collapse of the Cambodian real estate market. Seung Bunna claimed that, up to now, all over Cambodia, there are many development projects that received the green light for construction, but these developments could not be sold, therefore this could lead to bank foreclosures because of the rising amount of debt and interest owed. Seung Bunna did not reveal the names of these developments, nor how many there are. He indicated that his association cannot reveal such secret information belonging to the developers. He added, that up to now, no developments want to reveal that they have no buyers, or that they have stopped their construction. However, he said that some developments that claim to build 1,000 row houses for sale, in reality, they are building only 10 to 20 houses, and they could not even find buyers for them.
12 comments:
ហ៊ុន សែនមេចមិនក្អេងក្អាង ធ្វើអោយតំលៃផ្ទះសំបែងនៅប្រទេសខ្មែរ ឡើងថ្លៃដូចខ្លួនគាត់បានអួតក្អេងក្អាង មុនពេលបោះឆ្នោត ២០០៨ ទៅ?
This is happening all over the world. The only problem is that in cambodia, officials minimise the extent of the damage.
Good, maybe now the land grabbing will slow down a bit.
If all of you, the realtors and reasl estate investors, continue to sell for example just flat apt in Steung Mean Chhay and near P Penh Airport for over $100,000 when Cambodians make only $2000/year.
Nicer flat apt in subburban Bangkok cost only between $50000 to 75000 when average Thais make $8000/year.
6:27Pm do every where have that big blow job! You will see who blow up lowder?
Lawless and corruption! FOOL!
Average $500,000 Cribs in Phnom Penh and so precious in SE Asia.$500,000 can get you 100's of acres in USA.
May be after Hun Xen and thugs collect alot of money again, no body so stupid like the PhDs from Hanoi that the Korean can cheat in Cambodia1
What do you have now ah Kwack? Empty lands and Half unfinish buildings? Where your millions, LOL!!!!!!!!!!!!!!!LOL!!!LOL!!!
well, naturally, the weak ones are being weeded out. it happened all over the world, really! have you ever heard of "failed business"? it's just that, really.
business is difeerent from scame!
Evev Stupid is better rthan idiot!
7:32,
agree with you. The less investors flocking to Cambodia the better for our people. No investors no landgrabbing, it's simple as that. Having said that, I wish the "new investor" will seek other businesses that does not relate to people losing their house.
i know, what drives land prices in cambodia? business and investment, of course! not to say it is the only one, though, greed too can play a part as well, really.
From boom to bust. speculation.
speculators not investors.
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